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The EUR/GBP pair gapped at the open on Monday, slamming into the 0.85 handle. By doing so, the market has shown quite a bit of resiliency, and as a result of this I find that it is going to be an absolute mess. I feel that it’s probably best to stay away from this market in the short term, and let things settle down. The 0.85 level of course is a large, round, psychologically significant number, and that of course will always attract quite a bit of attention. At this point, I’m on the sidelines and waiting for a clear signal.

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